Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Chief Macro Strategist
Technical Analyst, Saxo Bank
Nasdaq 100 closed at the lowest level in 10 months just a few points above 12,998 support. Pre-market the future/USNAS100 cfd has dipped below 13K but us at the time if writing trading above.
A Daily close below support is likely to further fuel sell-ffs down to support around 12,287.
Daily RSI has closed below the rising trend line indicating lower levels. However, divergence indicates a weakening of the downtrend supporting a rebound picture. Really seems like Nasdaq is on a knifes edge these days
Almost identical picture on S&P 500. 4,164 is the support to keep an eye on. A daily close below could lead to further down side to support at 4,056.